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Updated:   2026-02-04

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Measure
Authors Valencia  
Subject Digital financial assets.
Relating To relating to digital assets.
Title An act to amend Sections 1501 and 1520 of, and to add Sections 1516.5 and 1516.6 to, the Code of Civil Procedure, relating to digital assets.
Last Action Dt 2025-07-03
State Amended Senate
Status In Committee Process
Flags
Vote Req Approp Fiscal Cmte Local Prog Subs Chgs Urgency Tax Levy Active?
Majority No Yes No None No No Y
i
Leginfo Link  
Bill Actions
2025-08-29     In committee: Held under submission.
2025-08-18     In committee: Referred to suspense file.
2025-07-14     Re-referred to Com. on APPR.
2025-07-14     Withdrawn from committee.
2025-07-14     In committee: Hearing postponed by committee.
2025-07-03     Read second time and amended. Re-referred to Com. on B. & F.I.
2025-07-02     From committee: Amend, and do pass as amended and re-refer to Com. on B. & F.I. (Ayes 13. Noes 0.) (July 1).
2025-06-18     Referred to Coms. on JUD. and B. & F.I.
2025-06-04     In Senate. Read first time. To Com. on RLS. for assignment.
2025-06-03     Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 2012.)
2025-05-27     Read second time. Ordered to third reading.
2025-05-23     From committee: Amend, and do pass as amended. (Ayes 11. Noes 0.) (May 23).
2025-05-23     Read second time and amended. Ordered returned to second reading.
2025-05-23     Assembly Rule 63 suspended. (Ayes 51. Noes 16. Page 1644.)
2025-05-14     In committee: Set, first hearing. Referred to APPR. suspense file.
2025-05-05     Re-referred to Com. on APPR. pursuant to Assembly Rule 96.
2025-05-05     Re-referred to Com. on ELECTIONS.
2025-05-01     From committee chair, with author's amendments: Amend, and re-refer to Com. on ELECTIONS. Read second time and amended.
2025-04-28     In committee: Set, first hearing. Hearing canceled at the request of author.
2025-04-22     From committee: Do pass and re-refer to Com. on ELECTIONS. (Ayes 9. Noes 0.) (April 21). Re-referred to Com. on ELECTIONS.
2025-04-01     Re-referred to Com. on B. & F.
2025-03-28     From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
2025-03-28     Referred to Coms. on B. & F. and ELECTIONS.
2025-02-21     From printer. May be heard in committee March 23.
2025-02-20     Read first time. To print.
Versions
Amended Senate     2025-07-03
Amended Assembly     2025-05-23
Amended Assembly     2025-05-01
Amended Assembly     2025-03-28
Introduced     2025-02-20
Analyses TBD
Latest Text Bill Full Text
Latest Text Digest

The Unclaimed Property Law provides that all intangible personal property of an apparent owner whose last known address or domicile was in the state, including intangible personal property maintained in a deposit or an account, which is held in a fiduciary capacity for the benefit of another person, escheats to the state if for more than 3 years after it becomes payable or distributable, the apparent owner has not taken specified actions showing an interest in or control of the property.

This bill would provide that intangible property held in a digital financial asset account escheats to the state 3 years after either written or electronic communication to the owner is returned undelivered, or the date of the last exercise of ownership interest, as defined, by the owner. The bill would require the holder of a private key for a digital financial asset account that has escheated to the state to transfer the digital financial asset to the Controller. The bill would authorize the Controller to appoint a custodian that holds a valid license issued by the Department of Financial Protection and Innovation, as specified.